EUR/USD breached support at $1.3705 on the news that the Fed will taper QE.

The pair fell below 55-period MA and is trading in the area of the100-period one. The lines went from rising to the horizontal state.
The prices are at the lower edge of the Ichimoku Cloud ($1.3666) which is currently providing support. Failure here will be a bearish signal. The bullish Cloud itself has dramatically narrowed.
MACD went to the negative territory. RSI is currently signaling oversold.
Support: $1.3666, $1.3648, $1.3625 and $1.3575

Resistance: $1.3705, $1.3740/50, $1.3790

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Market sentiment on the H4 is bullish. Cable is consolidating around $1.6380 after having jumped to $1.6485 post the Fed’s announcement. We remain bullish for the pair as long as it holds above $1.6320.

Bulls have regained control over the pair: USD/JPY rose by almost 200 pips yesterday, touching a new 5-year high of 104.40.The bullish impulse slowed at these levels, resulting in another wave of bearish correction.

• USD/JPY holds above the bullish H4 Ichimoku with Kijun-sen crossing the Tenkan-sen to the upside.

• Supported by the 55-day MA (102.85) and the 100-period MA (102.50).

• MACD histogram rose into the positive territory (bullish sign).

• Sentiment remains bullish as long as the 103.75 support holds.

Support: 103.75, 103.40, 102.50

Resistance: 104.40, 105.00, 105.55

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Bearish pressure on USD/CHF eased as the pair rose from the 2-year low of 0.8832 to 0.8960.

The pair broke into the wide bearish Ichimoku and is trading not far from the Cloud resistance now (0.8975).
MACD histogram rose into the positive territory (bullish sign).
The price rose above the 55-period MA that acted as a resistance, but met sellers at the 100-period MA
Buyers need a break above the 0.8960/75 resistance to move further
Support: 0.8930, 0.8920, 0.8900

Resistance: 0.8960/75, 0.9000, 0.9030

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AUD/USD renewed this year’s low by sliding to $0.8821. Aussie was already quite oversold, so here we didn’t see such a big decline as in other pairs.

The pair is at the lower Bollinger band and there’s still a small divergence in MACD/RSI, so we expect some correction up.
All MAs are declining that indicates that a medium-term downtrend is well in place.
The prices are below the bearish Ichimoku Cloud. The indicator lines went horizontal, so we may see some consolidation.
Support: $0.8820, $0.8800, $0.8755

Resistance: $0.8880, $0.8900, $0.8970, $0.9000

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USD/CAD reached the highest level since 2010 at 1.0725. The medium-term uptrend continues.

100- and 50-period MAs turned a bit up. The lines are melded together. So far 50-period MA hasn’t fallen below the 100-period one.
RSI (14) is still in the overbought area above 70. The pair’s above the upper Bollinger band.
The prices rose above the Ichimoku Cloud which has turned bullish. The Cloud, however, is thin and the indicator lines went horizontal.
Resistance: 1.0725, 1.0745, 1.0800 (38.2% of the decline from 2008 to 2011)

Support: 1.0700, 1.0670, 1.0635

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US dollar gave back some of the gains it made yesterday as the Fed said it would start tapering QE.

USD/JPY corrected a bit from more than 5-year high at 104.36, but is still trading above 104.00. Japanese Nikkei share average jumped by 1.5% this morning. Data on Japan buying foreign bonds showed continued outflow of money from Japan.

Australian and New Zealand dollars came under pressure as Fed announced tapering. AUD/USD fell to$0.8820, its lowest level since August 2010, but has recovered some ground later. The pair sits at the $0.8850 August 2013 lows as of writing. NZD/USD fell to $0.8175 despite the better-than-expected New Zealand GDP. NZ economy rose by 1.4% q/q in Q3 vs. expected +1.1% and prior +0.3%.

EUR/USD slipped to $1.3648. GBP/USD is trading in the $1.6370 area after peaking to $1.6484 yesterday.

Market prices tend to move towards the strike price at the time large vanilla options (ordinary put and call options) expire. It happens (all things equal) as each side of the deal seeks to hedge its risk exposure. This action is most noticeable ahead of 10 a.m. New York time when the majority of options expire (14:00 GMT).

The Federal Reserve announced it would cut its monthly bond purchases in January to $75 billion from $85 billion, taking the first step toward unwinding the unprecedented monetary stimulus. “In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the committee decided to modestly reduce the pace” purchases, the Federal Open Market Committee said today. The interest rate will remain at record lows at least before the unemployment falls below 6.5%. The Fed has also revised its economic forecasts to the upside.

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